Market Update: Hazelnut, Cinnamon
COVID-19 has really started to affect all Indian Spices - India has been in a lockdown since March, which has just finally been lifted a few days ago. All supply is disrupted, roads, ports, airlines and couriers all have huge backlogs for months. Our stock levels will just survive, but new purchase prices will be at decade highs for several essential items.
Hazelnut prices are on the move up, as Turkey being the world's largest producer, also faces supply shortages. This price rise is temporary and we believe it will relax down soon in the coming months.
Sri Lankan Cinnamon prices are starting to fall finally, after several years of high and increasing by over 60% since 2015. Our next lot arriving in 1-2 months will be priced lower, we estimate by 10-20%.